Morpho Protocol Hits Record Bitcoin-Backed Borrowing on Coinbase's Base Network

Key Facts

Morpho protocol recorded record levels of Bitcoin-backed borrowing on Coinbase's Base network. Crypto Briefing reported that outstanding USDC loans backed by Coinbase's Bitcoin wrapper, cbBTC, reached approximately $1.6 billion, with market utilization hitting 90.2% as of October 19, 2026.

COIN shares closed at $173.16 on October 16, 2026, amid the increasing integration of decentralized finance (DeFi) into mainstream financial ecosystems. This growth follows Morpho deposits on Base topping $5 billion earlier in 2026, while borrowing rates have declined to near 5% from approximately 7.5% last year.